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As LVMH extends Arnault’s reign, succession concerns still linger: here’s why investors worry

4 Mins Read

Shareholders of LVMH Moët Hennessy Louis Vuitton voted on Thursday to allow Bernard Arnault to remain at the helm of the company until the age of 85, extending the reign of the man who built the world’s most valuable luxury goods empire.

The move, approved with more than 99% support, raises the maximum age limit for the group’s chairman and chief executive from 80 to 85.

This marks the second such amendment in recent years.

In 2022, LVMH lifted the retirement threshold from 75 to 80.

With Thursday’s vote, the board has further solidified Arnault’s position at the top, even as investors grow increasingly uneasy over the absence of a clearly communicated succession plan.

A meticulously constructed empire

Bernard Arnault, 76, has led LVMH since 1989, steering it through decades of aggressive expansion, blockbuster acquisitions, and surging demand for luxury goods.

From the takeover of Christian Dior and Louis Vuitton to the $16 billion acquisition of Tiffany & Co in 2021, Arnault has crafted a 75-brand empire that spans fashion, jewellery, wine, spirits, hospitality, and more.

His hands-on leadership style—inspecting store layouts, micromanaging deals, and ensuring consistent brand storytelling—has helped deliver exceptional shareholder returns.

According to LSEG data, LVMH has generated an average total return of 13% per year under its leadership, far outpacing the 3% return of the STOXX 600 over the same period.

Yet the very qualities that have made LVMH a success are now sources of concern.

Investors worry that Arnault’s immense influence means that his sudden departure could trigger a sharp decline in LVMH’s share price.

At the same time, the company’s heavy reliance on a single individual introduces significant long-term risk.

The family behind the façade

All five of Arnault’s children are now deeply embedded in the group’s leadership structure.

Delphine Arnault, 50, serves as CEO of Christian Dior and is widely seen as a leading candidate.

Antoine Arnault, 47, oversees communications, image, and sustainability, and chairs Loro Piana.

The younger siblings—Alexandre, 33, Frédéric, 30, and Jean, 26—hold key roles at Tiffany & Co, TAG Heuer, and the watches division, respectively.

Each child holds a senior position, and four of them sit on LVMH’s board. But despite their prominence, Arnault has offered no public indication of who will eventually take over.

The family’s involvement gives the appearance of a tightly managed succession-in-training, yet no formal plan has been communicated.

“The market has long priced in the ‘Arnault premium,’” said a Paris-based luxury analyst.

“But that also means there’s enormous key-man risk. Investors want to know what LVMH looks like in a post-Arnault world.”

Opaque planning fuels uncertainty

Some shareholders have begun to question the group’s lack of transparency.

Two investors told Reuters Breakingviews that they are unaware of any formal emergency or long-term succession plan.

LVMH’s most recent governance report only briefly references a “review of succession planning,” offering no further detail.

In 2022, changes were made to LVMH’s controlling structure to ensure long-term family control.

Arnault restructured the family holding company, Agache SCA, stipulating that the five children would share equal ownership through Agache Commandité.

The shares cannot be sold or transferred for 30 years, nor can they pass outside the family or their direct descendants.

This arrangement effectively guarantees that LVMH will remain under family control for the foreseeable future, but it does not answer the central question of who will lead.

Key decisions in Agache now require unanimous agreement from all five siblings—a setup that could prove cumbersome or fractious in time.

Lessons from luxury rivals

LVMH’s opaque approach to succession contrasts with other family-led luxury firms.

François Pinault, founder of rival group Kering, passed his holding company to his three children in 2001.

In 2005, his son François-Henri Pinault formally took charge as CEO at age 42, providing clear continuity for investors and the business alike.

By comparison, LVMH has opted for incremental changes that extend Bernard Arnault’s grip on the company without offering the market a clear view of what comes next.

“Succession isn’t just about naming a CEO,” said Irina Curbelo, co-founder of Percheron Advisory. “It’s about preserving the essence of the brand empire, and ensuring that family governance doesn’t turn into a bottleneck.”

No imminent change, but longer-term risks remain

Despite growing concerns, few doubt Arnault’s ability to continue leading LVMH in the short term.

He remains mentally sharp, fully engaged, and evidently trusted by the board and shareholders.

But with the latest age-limit amendment pushing any handover potentially another decade away, governance questions are unlikely to fade.

As the luxury industry becomes more competitive and globally complex, the stakes of an unclear succession only grow.

The question facing LVMH now is not just who will succeed Bernard Arnault, but when, how, and whether the group will be prepared when the moment inevitably arrives.

The post As LVMH extends Arnault’s reign, succession concerns still linger: here’s why investors worry appeared first on Invezz

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Harvard’s battle with the Trump administration is creating a thorny financial situation

7 Mins Read

Harvard’s brewing conflict with the Trump administration could come at a steep cost — even for the nation’s richest university.

On April 14, Harvard University President Alan Garber announced the institution would not comply with the administration’s demands, including to “audit” Harvard’s students and faculty for “viewpoint diversity.” The federal government, in response, froze $2.2 billion in multi-year grants and $60 million in multi-year contracts with the university.

According to CNN and multiple other news outlets, the Trump administration has now asked the Internal Revenue Service to revoke Harvard’s tax-exempt status. If the IRS follows through, it would have severe consequences for the university. The many benefits of nonprofit status include tax-free income on investments and tax deductions for donors, education historian Bruce Kimball told CNBC.

Bloomberg estimated the value of Harvard’s tax benefits in excess of $465 million in 2023.

Nonprofits can lose their tax exemptions if the IRS determines they are engaging in political campaign activity or earning too much income from unrelated activities. Few universities have lost their non-profit status. One of the few examples was Christian institution Bob Jones University, which lost its tax exemption in 1983 for racially discriminatory policies.

White House spokesperson Harrison Fields told the Washington Post that the IRS started investigating Harvard before President Donald Trump suggested on Truth Social that the university should be taxed as a “political entity.” The Treasury Department did not reply to a request for comment from CNBC.

A Harvard spokesperson told CNBC that the government has “no legal basis to rescind Harvard’s tax exempt status.”

“The government has long exempted universities from taxes in order to support their educational mission,” the spokesperson wrote in a statement. “Such an unprecedented action would endanger our ability to carry out our educational mission. It would result in diminished financial aid for students, abandonment of critical medical research programs, and lost opportunities for innovation. The unlawful use of this instrument more broadly would have grave consequences for the future of higher education in America.” 

The federal government has challenged Harvard on yet another front, with the Department of Homeland Security threatening to stop international students from enrolling. The Student and Exchange Visitor Program is administered by Immigration and Customs Enforcement, which falls under the DHS.

International students make up more than a quarter of Harvard’s student body. However, Harvard is less financially dependent on international students than many other U.S. universities as it already offers need-based financial aid to international students in its undergraduate program. Many other universities require international students to pay full tuition.

The Harvard spokesperson declined to comment to CNBC on whether the university would sue the administration over the federal funds or any other grounds. Lawyers Robert Hur of King & Spalding and William Burck of Quinn Emanuel are representing Harvard, stating in a letter to the federal government that its demands violate the First Amendment.

Harvard, the nation’s richest university, has more resources than other academic institutions to fund a long legal battle and weather the storm. However, its massive endowment — which has raised questions during the recent developments — is not a piggy bank.

Harvard has an endowment of nearly $52 billion, averaging $2.1 million in endowed funds per student, according to a study by the National Association of College and University Business Officers, or NACUBO, and asset manager Commonfund.

That size makes it larger than than the GDP of many countries.

The endowment generated a 9.6% return last fiscal year, which ended June 30, according to the university’s latest annual report.

Founded in 1636, Harvard has had more time to accumulate assets as the nation’s oldest university. It also has robust donor base, receiving $368 million in gifts to the endowment in 2024. While the university noted that more than three-quarters of the gifts averaged $150 per donor, Harvard has a history of headline-making donations from ultra-rich alumni.

Kimball, emeritus professor of philosophy and history of education at the Ohio State University, attributes the outsized wealth of elite universities like Harvard to a willingness to invest in riskier assets.

University endowments were traditionally invested very conservatively, but in the early 1950s Harvard shifted its allocation to 60% equities and 40% bonds, taking on more risk and creating the opportunity for more upside.

“Universities that didn’t want to assume the risk fell behind,” Kimball told CNBC in March.

Other universities soon followed suit, with Yale University in the 1990s pioneering what would become the “Yale Model” of investing in alternative assets like hedge funds and natural resources. Though it proved lucrative, only universities with large endowments could afford to take on the risk and due diligence that was needed to succeed in alternative investments, according to Kimball.

According to Harvard’s annual report, the largest chunks of the endowment are allocated to private equity (39%) and hedge funds (32%). Public equities constitute another 14% while real estate and bonds/TIPs make up 5% each. The remainder is divided between cash and other real assets, including natural resources.

The university has made substantial portfolio allocation changes over the past seven years, the report notes. The Harvard Management Company has cut the endowment’s exposure to real estate and natural resources from 25% in 2018 to 6%. These cuts allowed the university to increase its private equity allocation. To limit equity exposure, the endowment has upped its hedge fund investments.

University endowments, though occasionally staggering in size, are not slush funds. The pools are actually made up of hundreds or even thousands of smaller funds, the majority of which are restricted by donors to be dedicated to areas including professorships, scholarships or research.

Harvard has some 14,600 separate funds, 80% of which are restricted to specific purposes including financial aid and professorships. Last fiscal year, the endowment distributed $2.4 billion, 70% of which was subject to donors’ directives.

“Most of that money was put in for a specific purpose,” Scott Bok, former chairman of the University of Pennsylvania, told CNBC in March. “Universities don’t have the ability to break open the proverbial piggy bank and just grab the money in whatever way they want.”

Some of these restrictions are overplayed, according to former Northwestern University President Morton Schapiro.

“It’s true that a lot of money is restricted, but it’s restricted to things you’re going to spend on already like need-based aid, study abroad, libraries,” Bok said previously.

Harvard has $9.6 billion in endowed funds that are not subject to donor restrictions. The annual report notes that “while the University has no intention of doing so,” these assets “could be liquidated in the event of an unexpected disruption” under certain conditions.

Liquidating $9.6 billion in assets, nearly 20% of total endowed funds, would come at the cost of future cash flow, as the university would have less to invest.

Harvard did not respond to CNBC’s queries about increasing endowment spending. Like most universities, it aims to spend around 5% of its endowment every year. Assuming the fund generates high-single-digit investment returns, spending just 5% allows the principal to grow and keep pace with inflation.

For now, Harvard is taking a hard look at its operating budget. In mid-March, the university started taking austerity measures, including a temporary hiring pause and denying admission to graduate students waitlisted for this upcoming fall.

Harvard is also issuing $750 million in taxable bonds due September 2035. This past February, the university issued $244 million in tax-exempt bonds. A slew of universities including Princeton and Colgate are also raising debt this spring.

So far, Moody’s has not updated its top-tier AAA rating for Harvard’s bonds. However, when it comes to higher education as a whole, the ratings agency isn’t so optimistic, lowering its outlook to negative in March.

This post appeared first on NBC NEWS

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Trump says career gov employees working on policy will be fired if they don’t adhere to his agenda

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President Trump on Friday said that career government employees working on policy matters for the administration will be reclassified ‘Schedule Policy/Career,’ – or at will employees – and will be fired if they don’t adhere to his agenda.

‘Following my Day One Executive Order, the Office of Personnel Management will be issuing new Civil Service Regulations for career government employees,’ the president wrote on Truth Social Friday afternoon. 

He added, ‘Moving forward, career government employees, working on policy matters, will be classified as ‘Schedule Policy/Career,’ and will be held to the highest standards of conduct and performance.’

This comes as the Trump administration continues to fire federal employees in an effort to shrink the government. 

The administration’s Office of Personnel Management (OPM) estimated the rule change in Trump’s executive order ‘Restoring Accountability to Policy-Influencing Positions Within the Federal Workforce’ would affect around 50,000 employees or 2% of the federal workforce, the White House said in a Friday memo. 

The regulations for civil service employees ‘with important policy-determining, policy-making, policy-advocating, or confidential duties’ will now be considered ‘at-will’ employees, ‘without access to cumbersome adverse action procedures or appeals, overturning Biden Administration regulations that protected poor performing employees.’ 

Trump added in his post: ‘If these government workers refuse to advance the policy interests of the President, or are engaging in corrupt behavior, they should no longer have a job. This is common sense, and will allow the federal government to finally be ‘run like a business.’ We must root out corruption and implement accountability in our Federal Workforce!’ 

The White House said the ‘rule empowers federal agencies to swiftly remove employees in policy-influencing roles for poor performance, misconduct, corruption, or subversion of Presidential directives, without lengthy procedural hurdles.’

The employees aren’t required to personally support the president, but ‘must faithfully implement the law and the administration’s policies.’

The proposed rule won’t change the status of affected employees’ jobs until another executive order is issued, the White House said. 

This post appeared first on FOX NEWS

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Is ServiceNow stock a buy or a sell ahead of earnings?

4 Mins Read

The ServiceNow stock price has declined significantly over the past few months, dropping from a high of $1,196 in January to its current level of $772. It has dropped by over 35% from its highest level this year, meaning that it is now in a bear market. This article explains what to expect ahead of its financial results next week.

ServiceNow’s business is thriving

ServiceNow is one of the top technology companies in the United States. It provides a cloud-based platform that provides IT Service Management (ITSM) services. Its main business is to manage and automate workflows for IT services, customer services, and low-code development.

The company provides its services to thousands of companies in the US and other countries. Some of the other clients are firms like Accenture, Adidas, Amazon, Walmart, Apple, and Vodafone Group.

ServiceNow’s business has done well over time as the needs for its solutions rose. Its annual revenue has jumped from $4.5 billion in 2020 to over $10.98 billion in 2024. Also, the company’s profits have been rising in the past few years.

NOW earnings ahead

The next key catalyst for the ServiceNow stock price will be its financial results, which will come out next week. 

According to Yahoo Finance, analysts expect its results to show that its revenue rose by 18.5% to $3.09 billion. The average earnings-per-share estimate is expected to be $3.83, higher than the previous estimate of $3.41.

ServiceNow has a long history of beating analysts’ estimates. For example, its EPS was higher than estimates by $0.01 in the last earnings and by $0.27 a quarter earlier. 

While the initial earnings often move stocks, the forward estimate is usually a bigger catalyst. The average estimate by analysts is that its current quarter’s revenue will be $3.11 billion, while its annual revenue will be $13.02 billion. If these numbers are accurate, it means that its full-year figure will be 18.5%.

Valuation concerns remain

One of the top concerns about ServiceNow has always been its valuation. Data shows that its price-to-earnings (P/E) ratio stood at 112.8, down from last year’s high of 179. 

Its forward P/E ratio stood at 95.7, much higher than the sector median of 23.2. The non-GAAP P/E ratio is 48.7, also higher than the median of 18.

These numbers are huge, especially when compared with other SaaS companies like Adobe, Microsoft, and Salesforce. Adobe has a forward P/E multiple of 21, while Microsoft and Salesforce have multiples of 28 and 22, respectively. 

For a SaaS company like ServiceNow, the best approach to value it is the rule-of-40 metric, which compares its growth and margins.

ServiceNow’s revenue growth is about 21%, while its net profit margin is 16%, giving it a rule-of-40 metric of 38%. That is a sign that the stock is a bit overvalued. However, adding its revenue growth and its FCF margin of 37% shows that it is not all that overvalued.

Read more: ServiceNow stock price analysis as a dangerous pattern forms

ServiceNow stock price analysis 

The daily chart shows that the NOW share price has crashed from a high of $1,196 in January to the current $722. It formed a double-top point at that point, which marked its turnaround. The stock has dropped below the ascending trendline that connects the lowest swings since May 5.

ServiceNow stock price has also formed a death cross after the 200-day and 50-day moving averages crossed each other. This is one of the most popular bearish crossover patterns.

Therefore, it will likely continue falling after earnings, with the initial target being at $680. A move above the ascending trendline will point to more gains.

The post Is ServiceNow stock a buy or a sell ahead of earnings? appeared first on Invezz

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Google’s Ad Tech Business Faces Uncertainty After Court Ruling

4 Mins Read

On April 17 (Thursday), Judge Leonie Brinkema of the US District Court for the Eastern District of Virginia ruled against Google (NASDAQ:GOOGL) in the antitrust case concerning its advertising technology business, casting a shroud of uncertainty over the future of the tech giant’s online advertising business.

Brinkema will now need to determine what remedies to impose on Google to restore fair market competition. The plaintiffs sought to force Google to divest its Ad Manager, which includes the company’s publisher ad server and its ad exchange, to restore competition in the market. This outcome is far more likely following Judge Brinkema’s ruling.

This is a developing story happening alongside a similar case against Meta Platforms (NASDAQ:META), which is being sued by the Federal Trade Commission (FTC) for allegedly monopolizing social media through its acquisition of Instagram in 2012 and WhatsApp in 2014.

This trial against Google began in September 2024, and the plaintiffs in the lawsuit comprise the Department of Justice (DOJ) and attorneys general from eight states.

The plaintiffs argued that Google’s dominance in ad tech allowed it to charge higher prices and take a larger share of ad sales. They accused Google of stifling competition by controlling the technology used to place ads on websites across the internet.

The ruling against Google marks a significant step in one of numerous anti-competitive cases brought against Google in the past few years, both in the US and internationally.

It follows an earlier ruling in August 2024 in which Google was found to have an illegal monopoly in the online search market in the US. That case will move into the remedies phase next week, with a court date of April 21, 2025.

“This is a game-changer,” wrote Connecticut Attorney General William Tong, one of the plaintiffs in both cases. “As Judge Brinkema writes in her decision, Google was in direct violation of the Sherman Act by dictating how digital ads are sold and the terms under which its rivals can compete.

‘With this victory in hand, we can hopefully work now towards restoring a fair, free, and competitive digital advertising marketplace. This decision is the first step in opening up competition so that Connecticut businesses and consumers will pay less for advertising – and therefore less for goods and services. We will no longer be under the thumb of a gigantic multinational conglomerate.”

US District Judge Amit Mehta, who ruled against Google in the August 2024 case, has considered imposing structural remedies that could involve forcing Google to divest its Chrome business, although Google has argued divestiture would hurt consumers. Instead, the company has suggested allowing browser companies to have multiple default agreements with various search engines.

Regulators have been digging into various aspects of Google’s business, including its advertising technology, search practices and mobile operating system.

In addition to the current case, Google is also facing scrutiny from antitrust regulators in Europe, the UK and other jurisdictions. The outcomes of these cases could have far-reaching implications for Google’s business model and the tech industry as a whole.

Today’s ruling signifies a major development in the ongoing scrutiny of Big Tech’s market dominance, which echoes efforts to dismantle AT&T’s (NYSE:T) phone monopoly in the 1980s. The eventual outcome of that case led to AT&T’s breakup into seven independent enterprises, which laid the groundwork for some of today’s major telecommunications and internet services providers, including Verizon (NYSE:VZ) and Lumen Technologies (NYSE:LUMN). It also gave cable companies like Comcast room to expand into internet services.

Whatever outcome Judge Brinkema decides, the ruling could reshape the online advertising landscape and have far-reaching implications for both the company and the broader tech industry.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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This post appeared first on investingnews.com

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Temu slashes U.S. ad spending, plummets in App Store rankings after Trump China tariffs

4 Mins Read

Chinese online retailer Temu, whose “Shop like a billionaire” marketing campaign made its way to last year’s Super Bowl, has dramatically slashed its online ad spending in the U.S. and seen its ranking in Apple’s App Store plunge following President Donald Trump’s sweeping tariffs on trade partners.

Temu, which is owned by Chinese e-commerce giant PDD Holdings, had been on an online advertising blitz in recent years in a bid to attract deal-hungry American shoppers to its site. With hefty spending on TV ads as well across Facebook, the company promoted clothing, jewelry, home goods and electronics at bargain basement prices.

The strategy was so effective that Temu topped Apple’s list of the most downloaded free apps in the U.S. for the past two years. Downloads of Temu on Apple’s App Store have fallen 62% in recent days, according to data from SimilarWeb, a digital data and analytics company. Ads for 50-cent eyebrow trimmers and $5 t-shirts that used to blanket Google search results and Facebook feeds have all but disappeared.

President Trump’s tariffs have upended Temu’s business model, along with its advertising strategy. Packages shipped from China are now subject to a tariff rate of 145%, while the de minimis provision, which allows shipments worth less than $800 to enter the country duty-free, is set to go away on May 2.

Temu and Shein, a fast-fashion marketplace with ties to China, plan to raise their prices in response to the tariffs. Both companies posted notices to their websites in recent days that warned they’ll be raising prices late next week.

“Due to recent changes in global trade rules and tariffs, our operating expenses have gone up,” Temu said on its site. “To keep offering the products you love without compromising on quality, we will be making price adjustments starting April 25, 2025.”

Sellers on Amazon’s third-party marketplace, many of whom source their products from China, have said they’re considering raising prices as they reckon with higher costs from the tariffs. Many businesses on TikTok Shop, the social media app’s marketplace, also count on Chinese manufacturers for their items.

Amazon launched a competitor to Temu last November, called Amazon Haul, which features items under $20 that are largely from China.

The Temu app is now No. 69 in a list of the top free apps in the U.S., after consistently ranking in the top 10, according to data from Sensor Tower. Shein is currently at 42, down from 15 last month. PDD’s shares that trade in the U.S. have plummeted 22% this month, compared to the Nasdaq’s 6% drop. Shein is privately held.

Rival Chinese retailers have subsequently risen to the top of the app store ranks, including Beijing-based wholesaler DHgate, which surged to the No. 2 top free iPhone app in the U.S., and Alibaba’s Taobao, which ranked No. 7. Bloomberg reported on Tuesday that viral videos promoting their cheap products have spurred the download frenzy.

A separate analysis by SimilarWeb showed Temu’s paid traffic, or search, display and social media advertising that drove visits to its website, has dropped 77% since April 11. Temu’s paid traffic previously outpaced nonpaid traffic to its website by 2 1/2 times, Ben Parkes, a consumer goods and retail analyst at Similarweb, said in an interview.

Marketing firm Tinuiti found that 20% of U.S. Google Shopping ad impressions were bought by Temu on April 5. A week later, that number had fallen to zero. By comparison, Shein’s impressions remained at 17% on April 12, while 60% of impressions were bought by Amazon.

Representatives from Temu and Shein didn’t immediately respond to requests for comment.

Temu was previously one of Meta’s largest advertisers, but it appears to have dramatically scaled back its spending on the platform. As of Wednesday, Temu is running six ads across Meta platforms in the U.S., a review of Meta’s ad library shows. Temu is running approximately 27,000 ads across Meta sites and apps globally, particularly in Europe and the U.K.

That could be troublesome for Meta’s advertising business, which has gotten a significant boost from the discount retailer. Advertising analyst Brian Wieser at Madison and Wall estimated that more than $7 billion of Meta’s $132 billion in ad revenue in 2023 came from China. Meta is scheduled to report first-quarter results on April 30.

E-commerce analyst Juozas Kaziukenas said he expects Temu to turn its ads back on in the U.S. at some point, but that the company appears to be shifting its dollars to other markets in the interim.

“It doesn’t mean Temu usage has dropped as significantly as the app did,” Kaziukenas said in an email. “But it means that new user acquisition is gone.”

This post appeared first on NBC NEWS

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In Politics

Trump admin imposes sanctions against Bank of Yemen for supporting Houthis

3 Mins Read

The Trump administration announced sanctions against the International Bank of Yemen Y.S.C. (IBY) on Thursday for its financial support of Houthi terrorists.

Along with the bank, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning key leaders of IBY, like its Chairman of the Board of Directors Kamal Hussain Al Jebry; Executive General Manager Ahmed Thabit Noman Al-Absi and Deputy General Manager Abdulkader Ali Bazara. By sanctioning IBY, the U.S. hopes to stop Houthi attacks on commercial ships in the Red Sea.

‘Financial institutions like IBY are critical to the Houthis’ efforts to access the international financial system and threaten both the region and international commerce,’ Deputy Secretary of the Treasury Michael Faulkender said. ‘Treasury remains committed to working with the internationally recognized government of Yemen to disrupt the Houthis’ ability to secure funds and procure key components for their destabilizing attacks.’

Based in Sana’a, Yemen, the IBY is controlled by the Iran-backed Houthis and provides the group with access to the bank’s Society for Worldwide Interbank Financial Telecommunications (SWIFT) network to make international financial transactions, the Treasury said.

The IBY, for instance, has allegedly aided Houthi businesses and officials to pursue oil on the SWIFT network, while also facilitating attempts by the terrorist group to evade sanctions oversight.

Under Thursday’s sanctions, all property and interests in property of the leaders named, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Additionally, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.

OFAC’s regulations generally prohibit all transactions by U.S. persons or within, or transiting, the United States that involve any property or interests in property of designated or otherwise blocked persons. 

U.S. State Department spokesperson Tammy Bruce spoke about the sanctions during a press briefing Thursday, sending a message to anyone who supports foreign terrorist organizations like the Houthis.

‘The United States is committed to disrupting the Houthi financial networks and banking access as part of our whole-of-government approach to eliminating Iran’s threat network,’ she said. ‘Moreover, we can confirm the reporting that Chang Guang Satellite Technology Company Limited (CGSTL) is directly supporting Iran-backed Houthi terrorist attacks on U.S. Interests. Their actions and Beijing’s support of the company, even after our private engagements with them, is yet another example of China’s empty claims to support peace.

She continued, urging partners of the U.S. to judge the Chinese Communist Party and Chinese companies on their actions, and not just their words.

‘Restoring freedom of navigation in the Red Sea is a priority to President Trump,’ Bruce said. ‘Beijing should take this priority seriously when considering any future support of CGSTL. The United States will not tolerate anyone providing support to foreign terrorist organizations such as the Houthis.’ 

This post appeared first on FOX NEWS

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Analysts warn of a third year of revenue decline, stock downgraded as Wipro slides on weak Q1 forecast

3 Mins Read

Shares of Wipro Ltd dropped as much as 6.3% on Thursday after the IT services firm issued a disappointing revenue forecast for the June quarter, raising concerns of a third consecutive year of decline amid persistent global tech spending cuts.

India’s fourth-largest IT exporter said on Wednesday it expects revenue in the April-June period to fall between 1.5% and 3.5% sequentially, with new Chief Executive Srini Pallia warning that “uncertainties have dramatically increased” going into the new fiscal year.

The guidance, analysts said, marks a worrisome start for fiscal 2026 and signals continued headwinds despite a leadership change.

Pallia, who took over in April 2024 following the abrupt exit of Thierry Delaporte, inherits a company grappling with a string of weak quarters, stalled large deals, talent attrition, and market share erosion.

Wipro shares were down 5% as of 11:51 am IST on Thursday, extending their year-to-date decline to 22.4%.

While that is marginally better than the broader Nifty IT index’s 24.8% fall, it underscores growing investor scepticism about the firm’s prospects.

Analysts warn of a third year of revenue contraction

Brokerages were quick to flag that Wipro’s first-quarter guidance could derail any early hopes of a recovery.

“The first quarter guidance sets the stage for another challenging year following two years of revenue decline,” analysts at Phillip Capital said in a note.

Several firms—including Nomura, Nuvama, Emkay, and ICICI Securities—trimmed their FY26 and FY27 earnings estimates, citing elevated macroeconomic uncertainty, slowing transformation project spends, and the lingering impact of geopolitical tensions and tariffs, particularly in key markets like the United States.

Nomura cut its FY26 earnings per share (EPS) estimates by 2–4% and revised the target price to ₹280 from ₹300.

It maintained a Buy rating, citing improved shareholder return policies, but warned that its earnings projections remain 8–9% below Bloomberg consensus.

Nuvama downgraded the stock to Hold and reduced its price target to ₹260, stating that Wipro’s weak first-quarter guidance jeopardizes the turnaround thesis.

The brokerage lowered its FY26/27 EPS estimates by up to 3.7%.

Muted forecast triggers widespread downgrades

At least nine out of the 39 analysts covering the stock have downgraded their ratings, while 20 have cut their price targets, according to LSEG data.

The average analyst rating remains at “Hold”, but the median target price has declined by nearly 14% to ₹250 over the past month.

Emkay Global said the company’s Q1 outlook factors in both potential demand recovery and further weakness.

It maintained a “Reduce” rating with a ₹260 target, highlighting low near-term visibility despite a strong deal pipeline.

ICICI Securities termed the March quarter’s performance “abysmal,” citing weak revenues and macro concerns—especially in discretionary-heavy sectors like auto and manufacturing.

The firm said the lone bright spot was the total contract value (TCV) from two large deal wins, but added that Wipro’s key challenge lies in translating orders into revenues and stabilising its European operations.

Brokerages remain cautious as growth triggers remain elusive

Motilal Oswal Financial Services (MOFSL) cut its FY26/FY27 EPS estimates by around 4%, anticipating a 1.9% YoY revenue decline in constant currency terms.

The brokerage retained its Sell rating with a target price of ₹215, implying a valuation of 17 times FY27 earnings.

Though some brokerages note positives such as improved capital allocation policies and a projected FY27 dividend yield of 4%, consensus suggests that the near-term outlook remains grim with little to spark a re-rating in the stock.

The post Analysts warn of a third year of revenue decline, stock downgraded as Wipro slides on weak Q1 forecast appeared first on Invezz

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Cygnus intersects new high-grade gold, plus visible gold* identified in subsequent holes

34 Mins Read

Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

  • Drilling at ‘Golden Eye’ has returned shallow high-grade gold up to 9.1g/t Au in first assays with an intersection of:
    • 3.3m @ 6.6g/t Au from just 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)
  • Golden Eye was last drilled in the early 1990s when gold was less than US$350/oz. The entire drilling target sits outside the current resource
  • Significant intersections from historic drilling 1 include:
    • 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11)
    • 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28)
    • 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20)
    • 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1)
    • 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4)
  • Subsequent holes drilled by Cygnus extended the known mineralisation down dip, where it remains open, with coarse visible gold* intersected in LDR-25-08 (awaiting assays – see photo below)

* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company expects to receive the laboratory analytical results of the recent core sample (including LDR-25-08) between late April and early May.

  • Gold was a significant part of the historic production within the Chibougamau District, with over 3.5Moz of gold produced alongside 945,000t of copper 3
  • The recent drilling campaign at Golden Eye of six holes for 1,954m aimed to confirm historic drilling results and extend mineralisation at depth. Assay are pending for the remaining five holes
  • The Company intends to utilise the recently compiled historic drill data totalling 77 holes for 21,371m to complete an initial Mineral Resource for Golden Eye
  • Cygnus is continuing the process of digitising >100,000 documents including drill logs, some of which have not been looked at in over 30 years and never before in modern 3D software
  • This highly cost-effective approach is assisting the team to conduct the first consolidated view of the geology and generate new drill targets as Cygnus looks to create shareholder value through resource growth, resource conversion and discovery with two rigs on site
Cygnus Executive Chairman David Southam said   : ‘Gold is a major part of the production history in the Chibougamau district. It is more than just a by-product, with production of 3.5Moz at an average grade of 2.1g/t Au. We already have 248,000oz of gold in Inferred Resources and 66,000oz in Measured and Indicated Resources, 2 and there is significant opportunity to add to these at Golden Eye with early high-grade results and visible gold down dip.

‘Golden Eye is fairly unique at Chibougamau in having a significantly higher proportion of gold than copper and was identified by the team early as an excellent gold-dominant drill target. We have a good head start by having the historic drill logs and will utilise this recently compiled data to assist in an initial Mineral Resource for Golden Eye”.

Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (‘Cygnus’ or the ‘Company’) is pleased to announce high-grade gold assays and visible gold from its first drilling at the new target Golden Eye within the Chibougamau Copper-Gold Project in Quebec.

Assays of up to 9.1g/t Au alongside visible gold intersected down dip in recent drilling highlight the potential for additional resources and scope for further growth. Golden Eye was identified as a priority high-grade gold target which has not been drilled since the early 1990s when gold was less than US$350/oz. The entire target area sits outside of current resources with significant historic intersections of up to 5.9m @ 34.1g/t AuEq . 1

The identification of the Golden Eye target is a result of the ongoing compilation work which is helping to unlock this historic district as the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration. The Company currently has two rigs on site focussing on both resource growth and resource conversion drilling.

About Recent Drilling at Golden Eye

Golden Eye was identified as a priority drilling target at the Chibougamau Project with shallow high-grade gold mineralisation highlighted during the ongoing review of historic hardcopy drill logs, with the most recent drilling conducted in the early 1990s when gold price was less than US$350/oz. Historic drilling in the area returned some outstanding gold and copper grades 1 of:

  • 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11);
  • 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28);
  • 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20);
  • 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1); and
  • 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4).

In 1992, a double access ramp was developed to access the mineralisation and to provide a better platform for drilling; however, low metal prices and a change of ownership shifted the focus to already established operating mines within the camp.

Cygnus recently completed a targeted 6-hole program for 1,954m, which aimed to confirm historic drilling results and extend mineralisation at depth. First assays from this drilling have confirmed the high-grade tenor of the shallow mineralisation with an intersection of:

  • 3.3m @ 6.6g/t Au from 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)

Recent drilling has also extended mineralisation down dip to a depth of 400m below the surface, which remains open. Visual mineralisation intersected in drill hole LDR-25-08 highlighted coarse visible gold associated with chalcopyrite mineralisation over 0.9m from 463.8m downhole (refer Appendix B). Assays are pending for the five remaining holes of the program and are expected to be received in the current quarter. Once received, these results are expected to be incorporated into an updated geological model along with drilling completed by Doré Copper Mining Corp. in 2022/2023 which tested the conceptual structural model of the wider area.

The Chibougamau district has a strong history of gold production as well as copper, having produced 3.5Moz Au at an average grade of 2.1g/t Au. 3 Gold grades vary between different deposits although Golden Eye and Cedar Bay are the two areas with a significantly higher gold grade than other deposits within the camp.

Cygnus intends to utilise the recently completed drilling data (once all received) alongside the newly compiled historic drill data totalling 77 holes for 21,371m (both surface and underground drilling) to complete an initial Mineral Resource Estimate for the Golden Eye target. Golden Eye is an excellent example of the value generated through ongoing compilation work which is helping to unlock this historic district while the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration.

Ongoing   Work

Cygnus is continuing to compile the data across the camp and deliver additional drill targets as the Company looks to execute its strategy of value creation through resource growth and conversion drilling. This low-cost, low-risk approach includes both surface and downhole electromagnetics (‘EM’) to generate brownfield targets around known high quality mineralisation.

Figure 1: Long Section of Golden Eye over 600m of strike with significant high grade gold up to 34.1gt AuEq over 5.9m. Mineralisation is still open at depth, with visible gold intersected in LDR-25-08. Refer to Appendix A of this release for newly released drill intercept and ASX releases dated 15 October 2024 and 25 March 2025 for previously announced drilling results.

Figure 2: Long Section through the Chibougamau North Camp illustrating Golden Eye with standout intersections of up to 5.9m @ 34.1g/t AuEq. Refer to ASX releases dated 15 October 2024 and 25 March 2025 for previously announced drilling results.

This announcement has been authorised for release by the Board of Directors of Cygnus.

David Southam
Executive Chair
T: +61 8 6118 1627
E: info@cygnusmetals.com 		Ernest Mast
President & Managing Director
T: +1 647 921 0501
E: info@cygnusmetals.com 		Media:
Paul Armstrong
Read Corporate
T: +61 8 9388 1474


About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

Cautionary Note – Visual Estimates

In relation to the disclosure of visible mineralisation, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available. The reported intersections are down hole lengths and are not necessarily true width. Descriptions of the mineral amounts seen and logged in the core are qualitative only. Quantitative assays will be completed by Bureau Veritas, with the results for those intersections discussed in this release expected between late April and early May.

Forward   Looking Statements

This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.

End Notes

  1. Refer to Cygnus’ ASX announcements dated 15 October 2024 and 25 March 2025.
  2. The Mineral Resource estimate at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code. Refer to Appendix C for a breakdown of the Mineral Resource Estimate.
  3. Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic Geologists, Inc. Economic Geology, v. 107, pp. 963–989.

Qualified Persons and Compliance Statements

The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a ‘qualified person’ as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.

The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024. The Company confirms that the supporting information included in the original announcement continues to apply and has not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025 (‘Clarification’). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the estimates or Cygnus’ ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.

The information in this announcement that relates to previously reported Exploration Results at the Company’s projects has been previously released by Cygnus in ASX Announcements as noted in the text and End Notes. Cygnus is not aware of any new information or data that materially affects the information in these announcements. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

Individual grades for the metals included in the metal equivalents calculation for the foreign estimate are in Appendix C of this release. Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, with copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendix A of this release. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz. Copper equivalents are calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) +(Cu(%)  x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal equivalents calculations, with copper metallurgical recovery assumed at 95% and precious metal (gold and silver) metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the metal equivalents calculations in respect of the foreign estimate and exploration results have a reasonable potential to be recovered and sold.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

APPENDIX A – Significant Intersections from Recent Drilling at Golden Eye

Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. Significant intersections reported above 2g/t AuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness.

Hole ID X Y Z Azi Dip Depth (m) From (m) To (m) Interval (m) Au (g/t) Cu (%) AuEq (g/t)
LDR-25-05 549448 5525296 375 227 -45 214.2 131.7 135.0 3.3 6.6 0.0 6.6
Including 131.7 134 2.3 9.1 0.0 9.1
LDR-25-06 549560 5525483 375 215 -51 474.0 Pending Assays
LDR-25-07 549453 5525313 375 215 -55 261.0
LDR-25-08 549524 5525441 375 246 -57 516.0
LDR-25-09 549445 5525319 375 238 -54 252.0
LDR-25-10 549489 5525229 375 220 -60 237.0


APPENDIX B – Summary Logging Details for Mineralised Intersections Observed in LDR-25-08

Hole ID From To Interval Mineral 1 % Mineral 2 % Mineral 3 % Visible Gold Total Sulphide (%)
LDR-25-08 89.0 90.0 1.0 Pyrite 2.0 – 2.0
LDR-25-08 166.4 211.1 44.7 Pyrite 0.5 – 0.5
LDR-25-08 211.1 216.0 4.9 Pyrite 0.1 – 0.1
LDR-25-08 216.0 216.6 0.6 Pyrite 1.0 – 1.0
LDR-25-08 216.6 354.8 138.2 Pyrite 0.1 – 0.1
LDR-25-08 360.4 361.3 0.9 Chalcopyrite 0.5 Pyrite 1.0 – 1.5
LDR-25-08 363.9 392.1 28.2 Chalcopyrite 0.3 Pyrite 0.5 – 0.8
LDR-25-08 392.1 397.3 5.3 Pyrite 0.3 – 0.3
LDR-25-08 397.3 405.6 8.3 Chalcopyrite 0.1 – 0.1
LDR-25-08 405.6 406.1 0.5 Chalcopyrite 0.3 Pyrite 30.0 – 30.3
LDR-25-08 406.1 407.9 1.8 Chalcopyrite 0.5 Pyrite 1.5 – 2.0
LDR-25-08 407.9 408.3 0.4 Pyrite 7.0 Chalcopyrite 0.1 – 7.1
LDR-25-08 408.3 409.0 0.7 Pyrite 0.1 – 0.1
LDR-25-08 409.0 409.4 0.4 Pyrite 25.0 Chalcopyrite 25.0 – 50.0
LDR-25-08 409.4 411.7 2.3 Chalcopyrite 3.0 Pyrite 7.0 – 10.0
LDR-25-08 411.7 411.9 0.2 Sphalerite 2.0 Chalcopyrite 0.5 Pyrite 15.0 – 17.5
LDR-25-08 411.9 415.1 3.2 Chalcopyrite 1.0 Pyrite 3.0 – 4.0
LDR-25-08 415.1 420.8 5.8 Chalcopyrite 0.3 Pyrite 1.0 – 1.3
LDR-25-08 420.8 423.3 2.4 Chalcopyrite 1.5 Pyrite 2.5 – 4.0
LDR-25-08 423.3 428.3 5.1 Chalcopyrite 0.1 Pyrite 0.1 – 0.2
LDR-25-08 428.3 455.0 26.7 Pyrite 0.5 – 0.5
LDR-25-08 457.6 458.1 0.4 Sphalerite 0.1 Chalcopyrite 1.0 Pyrite 0.5 – 1.6
LDR-25-08 461.2 461.8 0.6 Chalcopyrite 2.0 – 2.0
LDR-25-08 463.8 464.6 0.9 Chalcopyrite 5.0 Pyrite 2.0 0.1 % 7.1
LDR-25-08 464.6 478.6 14.0 Chalcopyrite 1.0 Pyrite 0.5 – 1.5
LDR-25-08 478.6 479.7 1.1 Chalcopyrite 3.0 Pyrite 8.0 – 11.0
LDR-25-08 480.6 516.0 35.4 Chalcopyrite 0.2 Pyrite 0.1 – 0.3


APPENDIX C – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022

Deposit Category Tonnes (k) Cu Grade (%) Au Grade (g/t) Cu Metal (kt) Au Metal (koz) CuEq Grade (%)
Corner Bay (2022) Indicated 2,700 2.7 0.3 71 22 2.9
Inferred 5,900 3.4 0.3 201 51 3.6
Devlin (2022) Measured 120 2.7 0.3 3 1 2.9
Indicated 660 2.1 0.2 14 4 2.3
Measured & Indicated 780 2.2 0.2 17 5 2.4
Inferred 480 1.8 0.2 9 3 2.0
Joe Mann (2022) Inferred 610 0.2 6.8 1 133 5.5
Cedar Bay (2018) Indicated 130 1.6 9.4 2 39 8.9
Inferred 230 2.1 8.3 5 61 8.5
Total Measured & Indicated 3,600 2.5 0.6 90 66 3.0
Inferred 7,200 3.0 1.1 216 248 3.8


APPENDIX D – 2012 JORC Table 1

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • All Cygnus drilling reported is NQ size (47.8 mm diameter).
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves.
  • Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag.
  • The remaining half of the core is retained and incorporated into Cygnus’s secure, core library located on the property.
Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

  • Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database.
  • Sampling practice is considered to be appropriate to the geology and style of mineralisation.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
  • Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
  • Drilling was conducted using NQ core size.
  • Directional surveys have been taken at 50m intervals.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

  • Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval.
  • Overall, the core recoveries are excellent in the Chibougamau area. As a result, no bias exists.
Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • Geological logging of core is qualitative and descriptive in nature.
The total length and percentage of the relevant intersections logged.
  • 100% of the core has been logged.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

  • The NQ diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist.
  • Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries.
  • This sampling technique is industry standard and deemed appropriate.
  • Samples sizes are considered appropriate to grain size of the materials being sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd (‘BV’) in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C.
  • Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm.
  • Samples are fire assayed for gold (Au) (30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo).
  • Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 30 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • None used.
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
  • At Bureau Veritas, laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.
Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel.
    The use of twinned holes.
    • No hole is twinned.
    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
    • All logging data was completed, core marked up, logging and sampling data was entered directly into the database.
    • The logged data is stored on the site server directly.
    Discuss any adjustment to assay data.
    • There was no adjustment to the assay data.
    Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
    • The location of the drillholes and the aiming points for the orientation of the drillholes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model ‘GPSmap 62s’ (4m accuracy).
    • Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole.
    Specification of the grid system used.
    • The grid system used is UTM NAD83 (Zone 18).
    Quality and adequacy of topographic control.
    • A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes, which is considered to provide an adequate level of topographic control.
    Data spacing and distribution Data spacing for reporting of Exploration Results.
    • The drill spacing for recent drilling is considered appropriate for this type of exploration.
    • Due to the historic nature and mix of underground and surface drilling the drill hole spacing for historic drill results is highly variable.
    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
    • No resource estimation is made.
    Whether sample compositing has been applied.
    • No sample compositing has been applied.
    Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
    • Recent drilling is orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation.
    • Due to the historic nature of the drilling the drill hole orientation for historic drill results is highly variable.
    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
    • No bias is considered to have been introduced by the existing sampling orientation.
    Sample security The measures taken to ensure sample security.
    • Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates.
    Audits or reviews The results of any audits or reviews of sampling techniques and data.
    • No audits or reviews of sampling techniques or data have been undertaken, therefore information on audits or reviews is not yet available.


    Section 2 Reporting of Exploration Results

    (Criteria listed in the preceding section also apply to this section.)

    Criteria JORC Code Explanation Commentary
    Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
    • The data reported within this announcement is from the Chibougamau Project. The Chibougamau project consists of 3 properties which include:
      • Copper Rand, 14,383 ha (15 mining concession and 311 exploration claims)
      • Corner Bay – Devlin (1 mining license, 141 exploration claims owned 100% by CBAY and 17 claims owned 56.4% by CBAY/43.6% Pan American Silver)
      • Joe Mann (2 mining concessions, 82 claims owned 100% by CBAY, and 68 claims and 1 mining concession owned 65% by CBAY/35% by SOQUEM)
    • CBAY Minerals Inc. (‘CBAY’), a wholly owned subsidiary of Cygnus, is the owner of all claims and leases, except where otherwise noted above.
    • The properties collectively making up the Project are in good standing based on the Ministry of Energy and Natural Resources (Ministère de l’Énergie et des Ressources Naturelles) GESTIM claim management system of the Government of Québec.
    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
    • All tenure is in good standing.
    Exploration done by other parties Acknowledgment and appraisal of exploration by other parties.
    • Corner Bay was first identified as a prospect in 1956
      • 1956 – 1972 eight drilling programs totalling 1,463 m and various geophysical and electromagnetic (EM) surveys
      • 1973 – 1981 Riocanex and Flanagan McAdam: ground geophysical surveys and 43 diamond drill holes
      • 1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical test work
      • 1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with initial MRE
      • 1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling
      • 1994 Explorations Cache Inc and Resources MSV Inc: diamond drilling
      • 2004 – 2006 GéoNova and MSV: 98 diamond drill holes and first Technical Report on the Corner Bay project reporting a MRE
      • 2007 – 2009 Campbell: diamond drilling and bulk sample
      • 2012 – 2019 CBAY / AmAuCu: diamond drilling and MRE
    • Devlin identified in 1972 by airborne survey flown by the MERN
      • 1979 – 1981 diamond drilling, geophysical surveys
      • 1981 development commenced
    • Joe Mann identified in 1950 with the commencement of mining activities occurring in 1956
      • The Joe Mann mine operated underground during three different periods from 1956 to 2007
      • In July 2012, Resources Jessie acquired the Joe Mann mine property, but conducted only surface exploration work
    • Cedar Bay was discovered prior to 1927 by Chibougamau McKenzie Mines Ltd
      • From initial discovery to 2013 various surface and underground drilling campaigns and geophysical surveys undertaken by various companies
    • Colline was first discovered with mapping and sampling and then drilled in the 1950s with follow up drilling in 1955.
      • In the 1950s a shaft was sunk but the deposit was never mined.
      • The deposit was later tested with three drill holes and six regional drill holes throughout two drilling campaigns in 1984 and 1986/87.
      • Exploration at Colline has been halted historically with the discovery of and focus on other deposits in the region.
    • Golden Eye (previously known as Dore Ramp) was drilled in a few different phases from 1984 to 1992.
      • A total of 47 drill holes from surface are reported during that period
      • A double ramp of approximately 1 kilometre was excavated in 1991-92 to a vertical depth of 160 meters
      • Underground drilling campaign of 46 holes totaling 10,200 meters tested the deposit mainly to a depth of 240 meters (only five holes tested the deposit between 300 and 600 meters)
    Geology Deposit type, geological setting and style of mineralisation.
    • Corner Bay and Devlin are located at the northeastern extremity of the Abitibi subprovince in the Superior province of the Canadian Shield and are examples of Chibougamau-type copper-gold deposits. The Abitibi subprovince is considered as one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits.
    • The Corner Bay deposit is located on the southern flank of the Doré Lake Complex (DLC). It is hosted by a N 15° trending shear zone more or less continuous with a strong 75° to 85° dip towards the west. The host anorthosite rock is sheared and sericitized over widths of 2 m to 25 m. The deposit is cut by a diabase dyke and is limited to the north by a fault structure and to the south by the LaChib deformation zone.
    • The Corner Bay deposit consists of three main mineralized lodes (subparallel Main Lode 1 and Main Lode 2 above the dyke, and Main Lode below the dyke that make up the bulk of the deposit. The Corner Bay deposit has been traced over a strike length to over 1,100 m to a depth of 1,350 m and remains open at depth.
    • The mineralization is characterized by veins and/or lenses of massive to semi-massive sulphides associated with a brecciated to locally massive quartz-calcite material. The sulphide assemblage is composed of chalcopyrite, pyrite, and pyrrhotite with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a wide halo around the main mineralization zones.
    • Devlin is a flat-lying, copper-rich lodes-hosted deposit in a polygenic igneous breccia that is less than 100 m from the surface. The tabular bodies have been modelled as four nearly horizontal lodes: a more continuous lower zone and three smaller lodes comprising the upper zone. Mineralization is reflected as a fracture zone often composed of two or more sulphide-quartz lodes and stringers. Thickness of the mineralized zones range from 0.5 m to 4.4 m. It has been diluted during modelling to reflect a minimum mining height of 1.8 m.
    • The Joe Mann deposit is characterized by east-west striking shear hosted lodes that extend beyond 1,000 m vertically with mineralization identified over a 3 km strike length. These shear zones form part of the Opawica-Guercheville deformation zone, a major deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone at the mine, while the South Zone is found in the rhyolite. These three subvertical E-W (N275°/85°) ductile-brittle shear zones are sub-parallel to stratigraphy and to one another, with up to 140 m to 170 m of separation between them. These shear zones are hosted within a stratigraphic package composed of iron-magnesium (Fe-Mg) carbonate and sericite altered gabbro sills, sheared basalts, and intermediate to felsic tuffs intruded by various felsic intrusions. The Joe Mann gold mineralization is hosted by decimetre scale quartz-carbonate lodes (Dion and Guha 1988). The lodes are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and lodelets parallel to schistosity, and occasionally visible gold. There are some other minor, mineralized structures, e.g., North and South-South Zones, with limited vertical and horizontal extensions.
    Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

    • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
    • dip and azimuth of the hole
    • down hole length and interception depth
    • hole length.

    If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

    • All requisite drillhole information is tabulated elsewhere in this release. Refer Appendices A and B of the body text.
    Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
    • For recent results, drill hole intersections are reported above a lower cut-off grade of 2g/t AuEq over widths of greater than 1m.
    Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
    • A maximum of 1m internal waste was allowed.
    The assumptions used for any reporting of metal equivalent values should be clearly stated.
    • Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendices A, B and C of this release. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz. Copper equivalents are calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) +(Cu(%)  x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal equivalents calculations, with copper metallurgical recovery assumed at 95% and precious metal (gold and silver) metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
    Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results.

    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

    • All intersections reported in the body of this release are down hole.
    • For recent drill holes, holes are drilled as close to orthogonal to the plane of the mineralized lodes as possible.
    • True width is estimated to be about 80% of the downhole drill intersection
    Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include,but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
    • Refer Figure 1 (Long Section of Golden Eye) and 2 (Long Section through the Chibougamau North Camp illustrating Golden Eye) in the body of the announcement.
    • Plan view of recent drilling relative to historic drilling and the 1992 ramp access (see Figure 3 below).
    Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
    • Recent infill drilling at Golden Eye totals 6 holes for 1,954m, with assay results for 1 drill hole received to date. All results greater than 2g/t AuEq over greater than 1m width have been reported.
    Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
    • There is no other substantive exploration data.
    Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

    • The Company plans to conduct drill testing of additional mineralisation as well as step out drilling of existing lodes to further enhance the resources quoted in this release. More information is presented in the body of this report.
    • Diagrams in the main body of this release show areas of possible resource extension on existing lodes. The Company continues to identify and assess multiple other target areas within the property boundary for additional resources.

    Figure 3: Plan view of recent drilling relative to historic drilling and the 1992 ramp access

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/87c492be-c3e9-410f-a7ad-5bac9c0c1fcf

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d269165b-73e5-4a95-9afb-bf50df6bfe79

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2293516d-6ebe-453a-8282-5afd08e5ee45

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a202ff85-9abb-417b-aa4e-43dd75ce42f3

    News Provided by GlobeNewswire via QuoteMedia

    This post appeared first on investingnews.com

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    Epic things are coming to Orlando.

    In a little more than a month, Universal will officially open the doors of its newest theme park, the first major theme park in the Florida area in 25 years, spurring a major shift in Orlando’s tourism industry.

    Epic Universe is the largest of all Universal properties at 750 acres and features five themed worlds: The Wizarding World of Harry Potter — The Ministry of Magic, Super Nintendo World, How to Train Your Dragon — The Isle of Berk, Celestial Park and Dark Universe.

    It will join Universal Studios and Walt Disney World in theme park mecca Orlando.

    Tourism has long been the leading sector in central Florida, drawing both domestic and international visitors. More than 74 million people journeyed to Orlando in 2023, contributing around 50% of the total sales tax collected in Orange County.

    Epic Universe is not only expected to bolster theme park revenues for Universal, as well as its rival just down the highway, Disney, but also bring in billions of dollars to the local economy.

    “This is the first major, entirely new theme park in the U.S. in 25 years. This is a compelling reason to visit Orlando,” said Casandra Matej, CEO of Visit Orlando, a tourism trade association. “So, when you see a major milestone project such as Epic Universe, you know it’s going to have definitely a domino effect of economic benefits for our community.”

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